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nges to 2016 GDP Estimate 7.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0% 1.0% U.S. Europe Footnotes: Data as of March 2016. Data as of March Source: Deutsche Asset Management, Deutsche Bank Wealth Management. UK November 2015 Forecast for 2016 GDP Japan China World March 2016 Forecast For 2016 GDP Footnotes: Data as
o reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate Tax Free Municipal bonds are subject to changes in price, call and availability. Under present law, these bonds provide exemption from federal tax and depending on y
nges to 2016 GDP Estimate 7.0% 2.0% 3.0% 4.0% 5.0% 6.0% 0.0% 1.0% U.S. Europe Footnotes: Data as of March 2016. Data as of March Source: Deutsche Asset Management, Deutsche Bank Wealth Management. UK November 2015 Forecast for 2016 GDP Japan China World March 2016 Forecast For 2016 GDP Footnotes: Data as
o reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate Tax Free Municipal bonds are subject to changes in price, call and availability. Under present law, these bonds provide exemption from federal tax and depending on y
from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset weith Manaf)eir; CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0083483 CONFIDENTIAL SDNY_GM_00229667 EFTA01383699
information about bonds and bond investing, and is available at via the website http://apps.finra.org/investor Information/smart/bonds/000100.asp. Tax Free Municipal bonds are subject to changes in price call and availability. Under present law, these bonds provide exemption from federal tax and depending on your
from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset weith Manaf)ely CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0050077 CONFIDENTIAL SDNY_GM_00196261 EFTA01361150
information about bonds and bond investing, and is available at via the website http://apps.finra.org/investor Information/smart/bonds/000100.asp. Tax Free Municipal bonds are subject to changes in price call and availability. Under present law, these bonds provide exemption from federal tax and depending on your
from state and local tax. Income may be subject to the Alternative Minimum Tax. There are additional risks associated with International investing. Deutsche Asset 17 Manaoenc: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059493 CONFIDENTIAL SDNY_GM_00205677 EFTA01367869
information about bonds and bond investing, and is available at via the website http://apps.finra.org/investor Information/smart/bonds/000100.asp. Tax Free Municipal bonds are subject to changes in price call and availability. Under present law, these bonds provide exemption from federal tax and depending on your
Entities connected to both Deutsche Asset & Wealth Management and Tax Free Municipal

Paul Morris
PERSON
Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONDeutsche Bank Trust Company Americas
ORGANIZATION
United States
LOCATION
Frankfurt
LOCATION
New York University
ORGANIZATION
Julie K. Brown
PERSONJoseph Dursi
PERSONBloomberg Finance LP
ORGANIZATIONLarry Adam
PERSONthe Deutsche Bank Group
ORGANIZATIONthe Alternative Minimum Tax
ORGANIZATION
Finland
LOCATIONTreasury Inflation Protected Securities
ORGANIZATION
Denmark
LOCATION
Norway
LOCATION
New Zealand
LOCATIONNational Tax-Free Institutional
ORGANIZATIONThe iMoneyNet Money Funds
ORGANIZATION